By Amb Emmanuel Mwamba
Corruption in Debt Restructuring
It has emerged that someone asked for a cut on this latest $3billion debt reschedule and agreement.
The agreement announced on 26th October 2023 with External Bondholder Steering Committee is so absurd that it has shocked the IMF, China and France and the Paris Club.
Someone signed to give bondholders $2.5billion in 2024 despite a running programme of $1.3billion with the IMF and despite the unaffordability of such an undertaking.
And instead of a haircut of 40% as demanded from China and others, someone agreed to only 18% haircut,contrary to the G20 Common Framework of equal debt treatment to creditors.
The face value of the new bonds was increased to $3.135 billion in both scenarios, exceeding the original $3 billion face value of the old notes.
Following a quick assement, the deal was established to be so bad that Zambia was directed to immediately renounce the corrupt agreement and place such an announcement on the London Stock Exchange!
Chief propagandist and chief lair who always thrives in spreading lies and misinformation. The Emmanuel Mwamba is the same like that of Satan, why should a person be excited when things go wrong or when there is failure?
Scrutinising his statement one could easily tell that there are lies and falsehood he is using the language of gossiping why not mention the person who is involved and also why using indirect language?
It is only a finished political party like PF have confidence in a person like Emmanuel Mwamba who thinks he is well informed and intelligent yet he is just a person who has been surviving on politics of appeasement and chancing.